Sears CEO blames biz media for company woes

Sears Holdings Corp. Chief Executive Officer Edward Lampert blasted the media on Wednesday at its annual meeting for “unfairly singling out” the company over the past decade and blamed “irresponsible” coverage for the retailer’s woes, reports Tracy Rucinski of Reuters.

Rucinski reports, “The bulk of Lampert’s 90-minute appearance focused on news coverage, which he said had been ‘deliberately unfair.’

“Media coverage was ‘meant to scare our vendors’ who then tried to negotiate better terms with the company.

“‘It’s irresponsible and it’s been irresponsible for too damn long. We’re just looking for a fair chance,’ Lampert said of the media. ‘Excuse my rant but a lot of what we’re doing deserves a chance to see the light of day.’

“Five journalists in attendance were not allowed to speak with Lampert or ask questions.

“Sears has declined to provide numbers on Shop Your Way, the cornerstone of its growth strategy, but said in its annual report that expenses associated with the program contributed to a drop in its profit margin.”

Read more here.